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Leading New Zealand law firm Chapman Tripp acted as domestic counsel to the New Zealand subsidiaries of Hertz, in connection with Hertz Global Holdings Inc’s successful reorganisation and exit from bankruptcy.
The reorganisation provides for a full payout of US$19b in debt and claims and returns more than US$1b in value to shareholders.
Hertz filed for Chapter 11 for its U.S. operations on May 22 2020, following the onset of the COVID-19 pandemic, which had a severe and dramatic effect on travel demand. Hertz's principal international operating regions including Europe, Australia and New Zealand were not included in the U.S. Chapter 11 proceedings.
Chapman Tripp worked with global law firm White & Case LLP as lead counsel to the Hertz Group. The firm advised on domestic aspects of the reorganisation plan and in connection with the overseas investment analysis.
The Chapman Tripp team was led by Partner Michael Harper, Special Counsel Joshua Jones (previously at White & Case) and property partner and overseas investment specialist Tessa Baker, with support from Senior Associate Luke Bowers.
A terrific outcome and fantastic for the firm to play a part in this remarkable global reorganisation – especially as Hertz is such a well-known brand in New Zealand and around the globe. It has also been great to be recognised as leading restructuring and insolvency experts in New Zealand and working alongside global law firm White & Case.Joshua Jones, Special Counsel